Canary PEPE ETF

What the company does

The Canary PEPE ETF is an exchange-traded product that issues shares of beneficial interest intended to list and trade on the Cboe BZX Exchange, Inc. The Trust's investment objective is to seek to provide exposure to the price of PEPE Coin held by the Trust, less the expenses of the Trust's operations and other liabilities. The Trust holds PEPE and establishes its net asset value by reference to the CoinDesk PEPE Benchmark Rate 60m NY Rate. The Trust is sponsored by Canary Capital Group LLC, with BitGo Bank & Trust, N.A. serving as custodian for the Trust's PEPE. The Trust provides investors with the opportunity to access the market for PEPE through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding PEPE directly.

Use of proceeds

Proceeds received by the Trust from the issuance of Baskets consist of either PEPE or cash. Deposits of PEPE are held by the Custodian on behalf of the Trust until transferred out or sold in connection with redemptions of Baskets or transferred or sold by the Sponsor to pay fees due to the Sponsor or Trust expenses and liabilities not assumed by the Sponsor. Deposits of cash are held by the Cash Custodian on behalf of the Trust until transferred in connection with the purchase of PEPE, delivered out in connection with redemptions of Baskets, or transferred to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor.

Underwriters

Underwriters are not applicable to this non-offering registration.

Extracted from S-1/A 0001999371-26-022017, filed Oct 2, 2026 and verified against that filing text.

Key risk factors

• Loss of entire investment

  “AN INVESTMENT IN THE TRUST INVOLVES SIGNIFICANT RISKS AND MAY NOT BE SUITABLE FOR SHAREHOLDERS WHO ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED WITH EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD PEPE.”

• Shares are speculative

  “THE SHARES ARE SPECULATIVE SECURITIES.”

• No 1940 Act protections

  “The Trust is not a fund registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and is not subject to regulation under the 1940 Act.”

• Custodian not FDIC insured

  “The Custodian is not insured by the Federal Deposit Insurance Corporation (the "FDIC") but carries insurance provided by private insurance carriers, which is shared among all of such Custodian's customers, is not specific to the Trust, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.”

• Meme coin value driven by sentiment

  “The value of a meme coin is typically tied to its community engagement and public perception.”

• No guarantee of utility for PEPE

  “There is no guarantee any such uses or benefits will materialize or th”

• Sponsor not a fiduciary

  “The Sponsor is not an "Investment Adviser" (as defined in Section 202(a) (11) of the Investment Advisers Act of 1940, as amended (the "Advisers Act")), and therefore the Sponsor's provision of services to the Trust will not be governed by the Advisers Act and is not subject to a fiduciary standard of care.”

• Not a commodity pool

  “The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (the "CEA"), and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator or a commodity trading advisor.”